Wells Fargo needs to atone for unscrupulous banking practices

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"Wells Fargo has become the poster child for why consumers need a strong watchdog in Washington keeping an eye out for unscrupulous banking practices and other financial scams. today’ s billion dollar fine is an important development and a fitting penalty given the severity of Wells Fargo’s fraudulent and abusive practices."

It’s good to see that a lawsuit providing critical new evidence of systematic foreclosure abuses is getting the attention it warrants. Democracy Now interviewed Linda Tirelli, who filed a Wells Fargo “Foreclosure Attorney Procedure Manual” in a recent case in New York. This document sets forth.

 · Take last month’s Captiol Hill hearings involving Wells Fargo, whose CEO John Stumpf was dragged before Congress and the U.S. Senate to atone for.

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After Wells Fargo, the banking industry needs the blockchain. He was grilled by two congressional panels and forced by his board to forfeit some of his compensation. But no congressional embarrassment, loss of stock options, or even ridicule of a late night Colbert segment can compare to the pain and incalculable financial losses suffered by millions of Americans that placed their trust in Wells Fargo.

Wells Fargo also confirmed that it had fired over 5,300 employees over the past few years related to shady sales practices. ceo john stumpf claimed that the scandal was the result of a few bad apples who did not honor the company’s values and that there were no incentives to commit unethical behavior.

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SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE:WFC) announced today that it has received a report containing the findings of an investigation conducted by its Board’s independent directors into the Company’s retail banking sales practices.The Board’s independent directors engaged the law firm of Shearman & Sterling LLP in September 2016 to assist in the investigation.